Monte Paschi says new management is not target of investigation

Published August 23, 2013

| Reuters

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MILAN – Italy's Monte dei Paschi di Siena said its new management was not the target of any judicial investigation and that accusations it misled regulators had not been considered legally relevant by prosecutors probing the bank's former executives.

The bank issued a statement on Friday after a document submitted by market regulator Consob alleged the bank provided incomplete, incorrect and misleading information to the watchdog in 2012, when its new management was already in place.

Consumer group Codacons, which first revealed the existence of the Consob document, seized on the allegations to call for the removal of the bank's new management.